Courts / Cork / Report
Insolvency arrangement lets widow tackle €2.4m in debt, retain family home
Summary
The High Court approved a Personal Insolvency Arrangement for 70‑year‑old widow Marian Phillips, allowing her to address about €2.4 million of debt while staying in her home at Kenley Close, Model Farm Road, Cork. Phillips had fallen into financial difficulty because of high interest rates on loans from lenders. Her creditors include Start Mortgages DAC (over €2 million owed), Cabot Financial, the Revenue Commissioners, a property management company and a solicitors' firm. Under the arrangement, four buy‑to‑let residential properties owned by Phillips – three in Cork and one in Clonmel, County Tipperary – valued at just over €1 million will be sold to satisfy secured creditors. The remaining debts will be written off. Phillips will also enter a State‑approved Mortgage‑to‑Rent/Social Tenancy scheme for her principal private residence, a semi‑detached three‑bedroom house valued at about €345,000.
Who, what, where, when and why
What: Report matter: Insolvency arrangement lets widow tackle €2.4m in debt, retain family home. Procedural stage: charge_or_pretrial
When:
- 2024-02-26 Publication
Places mentioned
Topics
Related court reports
- Mentally ill man who put fellow psychiatric patient in chokehold to be immediately released into care of UK parents
- 'Alternative dispute resolution': man arranged 'straightener' during which dad-of-seven was stabbed to death
- Brothers who sexually assaulted teenage girls in mid-nineties can now be identified for first time
- ESB worker too late to pursue claim seeking €42k in alleged unpaid overtime
- 'No hand, act or part': Osgur Breatnach's wrongful conviction for Sallins train robbery declared a miscarriage of justice
- Migrant engineer who worked 10-hour days for under minimum wage wins €14k
If a fact, identity, locality or legal outcome needs review, email the newsroom with this report's details prefilled.
Email a correction request